Financial Management

This course has been added to the Certified Municipal Finance Officer's program to ensure that students are adequately prepared to successfully complete the program. The course is applicable to all those who do not possess six credits in Introduction to Financial Accounting or Managerial Accounting (Accounting 101 and 102) at the college level. Successful completion of this course is required prior to attendance in Current Fund I and subsequent accounting courses. A final exam is given. 

This course is an introduction to the field of municipal finance and is designed to provide a foundation for a better understanding of New Jersey local government fiscal affairs.  Major topics covered include the institutional framework of local government in New Jersey, the state’s role in supervision and assistance, property tax administration and assessment administration, municipal caps, municipal budgeting, budget execution, municipal purchasing, treasury management, and the flexible chart of accounts.

This second course in the sequence acquaints the student with the full budget cycle, with special emphasis on the budget's role as a tool for effective municipal management. Legal requirements concerning the adoption and execution of the official budget are examined, with particular attention to the roles of various municipal officials and the administrative techniques involved. Preparation of departmental budget requests, budget review and cuts, revenues and appropriations, and new budget techniques are covered. Attention also is given to the flexible chart of accounts. Accounting and auditing principles are briefly discussed. Students are encouraged to relate the course work to their current practical budget practices. A final exam is given.

This third course focuses on fund accounting in New Jersey. It is designed to prepare the local government finance official for the more advanced accounting courses offered. The student is introduced to basic fund accounting terminology and work sheet preparation. The flexible chart of accounts is also covered. A final exam is given.

This is the fourth course in the municipal finance course sequence. It is designed for those who have responsibility for local government finance. The course covers the application of the principles and theories for the complete municipal accounting cycle. A final exam is given.

This is the fifth course in the municipal finance course sequence. Students have an opportunity to work on accounting processes and problems during class under the instructor's supervision. Principles of assessment, trust fund accounting, general capital fund accounting, and theory of capital budgeting are also covered. A final exam is given.

This is the sixth course in the municipal finance course sequence. Students have an opportunity to work on utility fund accounting processes and problems in class under the instructor's supervision. Course topics include purpose and scope of utility funds, the utility operating fund, theory of capital budgeting, the utility capital fund, and the utility assessment fund. A final exam is given.

This seventh course in the municipal finance sequence emphasizes sound financial management practices for finance directors, treasurers, and registered municipal accountants. Elements of financial organization, reporting, planning, debt, pension, investment, insurance administration, and collective bargaining are reviewed through case studies. This is the only course in the sequence required for the issuance of the designation of Certified Municipal Finance Officer for Registered Municipal Accountants (RMA) licensed by the State of New Jersey (see N.J.S.A. 40A:9-140 for details). A final exam is given.

This is the eighth and final course in the series designed to teach students the skills necessary to complete an annual financial statement. The course is open only to those students who have completed Municipal Current Fund I and II, Municipal Capital and Trust Fund Accounting, and Municipal Utility Fund Accounting. The course is built around the actual preparation of an annual financial statement by the student. In addition, specific information such as filing deadlines, statutory requirements, the role of the finance officer, and other pertinent issues are reviewed. A final exam is given.

These two courses provide examinees with a thorough review of all aspects of prior financial management coursework in preparation for the state certification examination. Course material is supplied prior to the course; therefore, early registration is suggested. Those planning to take the exam must make application to the NJ Department of Community Affairs, Division of Local Government Services, 30 days in advance of the exam date. 

Those wishing to become Certified County Finance Officers (CCFO) must complete the County Fiscal Operations course, successfully complete the eight financial management courses required for CMFO certification (Municipal Finance Administration, Municipal Budget Process, Municipal Current Fund Accounting 1, Municipal Current Fund Accounting 2, Municipal Capital and Trust Fund Accounting, Principles of Financial Management, Preparation of Annual Financial Statement, County Fiscal Operations) in addition to meeting other requirements. 

For complete certification requirements for the CMFO designation, see N.J.S.A. 40A:9-140.1-3.

For additional information on becoming a CMFO or CCFO,contact the Certification Unit, Division of Local Government Services, New Jersey Department of Community Affairs, at 609-633-6349, or visit http://www.state.nj.us/dca/divisions/dlgs/

These five, one-day courses are intensive reviews for those preparing for the Registered Municipal Accountant examination. The modules teach both theory and process through accounting problems and questions from prior RMA examinations. The following topics are covered: Module 1, Municipal Procedures and Practices; Module 2, Current Fund Accounting; Module 3, General and Trust Fund Accounting; Module 4, Utility Fund Accounting; Module 5, RMA Practice Exam. Modules are approved for 7 CPE credits each in Yellow Book Governmental Accounting by the Board of Accountancy under Rutgers University sponsor number 703.